Global stainless steel consumption to rise 4% in CY'24, slower growth expected in CY'25: WSA

Global stainless steel consumption is expected to increase by 4% y-o-y in 2024, compared to a 3.2% rise in 2023, according to the World Stainless Steel Association (WSA). Demand for cold-rolled flat sheets is projected to grow by 4.7%, hot-rolled flat sheets by 3.6%, and long stainless steel products by 1%.

However, consumption in Europe and Africa will decline by 4.7%, primarily due to a significant drop in demand for long stainless steel products, which will fall by 13.9%. In America, the decline will be milder, at 0.4%. Meanwhile, consumption in Asia (excluding China) is expected to rise by 6.5%. In China, it will increase by 5.3%.

Looking ahead to 2025, the WSA predicts a slowdown in the growth rate of global stainless steel consumption, with an anticipated y-o-y increase of 3%. Demand for cold-rolled stainless steel sheets is expected to rise by 2.8%, hot-rolled sheets by 3.7%, and graded stainless steel by 3%. In Asia, stainless steel consumption is forecasted to decelerate, while Europe, Africa, and the Americas are expected to see slight recoveries, with projected increases of 2.2%, 2%, and 2.6%, respectively, in China.